Household Vacuum Cleaner Market - 130 million unit shipments by 2024

PRESS RELEASE PR Newswire

Dec. 13, 2017, 09:00 AM

SELLBYVILLE, Del., Dec. 13, 2017 /PRNewswire-iReach/ -- Household Vacuum Cleaner Market is set to be valued USD 17.5 billion by 2024, as per a recent Global Market Insights research report. Global shipments are estimated to grow at over 3.0% CAGR from 2016 to 2024.

Growing urbanization across the globe has led to increased requirements for appliances that are characterized with time saving and ease of home cleaning. Sustainable life style, changing consumption pattern and increasing expenditure on household appliances are major drivers for the household vacuum cleaner market size. The technological advancements to improve efficiency and provide healthy environment will support industry growth. The associated battery issues with newer technologies may restrain household vacuum cleaners market demand.

Government mandates for the usage of eco design and energy labeling products affects the manufacturing process. For instance, the EU banned vacuum cleaner product with power over 1600W from being sold in the member countries. This limit will be reduced to 900W from September, 2017. In addition, the U.S. government under EPA and NHPA regulates the technical specifications for vacuum cleaners to prevent any damage due to the electrical motor used. From 2014, the specifications stated in EU eco design and energy labeling regulations must be met by the manufacturers for manufacturing and trading in the European Union.

Technological advancements have led to products that are incorporated with smart technologies such as HEPA filters, UV sterilization, security cameras, etc. Robotic vacuum cleaners market is set to grow considerably, with products being developed by leading companies that utilize intelligent programming and other sophisticated components. It provides scheduling of cleaning with mobile application. Developments in new energy saving technologies, touch screen, voice recognition may enhance customer experience.

Upright household vacuum cleaners market share is expected to register gains at around 4% CAGR. Initial introduction of the product, featuring robustness and affordable costs are the key factors expected to fuel the segment growth. Canister household vacuum cleaners market size dominated the industry accounting for over 40% of the business revenue. Relatively lower costs, ease of usability and availability are the prominent factors influencing the high consumer adoption.

Increasing infrastructural and development activities in Mexico will present opportunistic landscape for the household vacuum cleaners market share, with gains at over 5% till 2024. Improving living standards in China, India, and Mexico have led to increased investments which further supports household vacuum cleaners market growth. Moreover, presence of major industry participants in these regions will enhance aftersales service capabilities.

Key participants in the industry include TTI, iRobot, Dyson, Bissel, and Electrolux. Other major participants include LG, Haier, Miele, etc. The household vacuum cleaners market is characterized with innovative product development and mergers & acquisitions.

Growing means of retailing channels, which include mail, telephone, catalogs, brick and mortar stores, websites, and social networking have led to increased consumer accesses to these products. Partnership establishments between manufacturers and these distribution channels will help the household vacuum cleaners market to gain high penetration over the forecast timeframe.

Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.